Finance & Accounting

International Financial Reporting Standards (IFRS)

This course provides a comprehensive overview of International Financial Reporting Standards (IFRS), focusing on their application in financial reporting and decision-making. Participants will gain practical skills in interpreting and implementing IFRS in various business contexts, enhancing their financial reporting capabilities.

5 days Classroom or live online English

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Download the full standard outline: why attend, methodology, objectives, audience, competencies, the daily outline and current plans.

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Why attend

From knowledge to real-world impact.

Financial professionals often face significant challenges in ensuring compliance with IFRS, which can lead to misstatements and financial discrepancies that affect stakeholder trust and investment decisions. Mastering these standards is essential for accurate financial reporting, risk management, and maintaining competitive advantage in the global market. This course addresses these challenges by equipping participants with the knowledge to navigate IFRS effectively, enabling them to produce reliable financial statements that meet international standards and regulatory requirements. Participants will also learn to identify and mitigate risks associated with IFRS non-compliance, enhancing their organisation's credibility and financial integrity.

The ability to apply IFRS is critical for professionals involved in financial reporting, auditing, and compliance. Participants will engage in practical exercises, case studies, and simulations that mirror real-world scenarios, enabling them to make informed decisions regarding revenue recognition, asset valuation, and financial disclosures. By developing these skills, participants will enhance their capability to analyse complex financial data, communicate effectively with stakeholders, and contribute to strategic financial planning. This course prepares professionals to tackle the evolving landscape of international accounting standards, ensuring they remain proficient and competitive in their roles while fostering a culture of compliance and transparency within their organisations.

Workplace challenges

Professional Problems This Course Is Designed to Solve

The programme explores practical approaches to the following challenges. Results depend on how the learning is applied in your organisation.

Difficulty translating subject knowledge into practical workplace decisions.
Inconsistent approaches to the activities covered in the course outline.
Lack of a structured plan for applying and reviewing new skills.

Course methodology

How you will learn.

The course employs a blend of interactive workshops, case studies, and practical exercises to facilitate a deep understanding of IFRS. Participants will analyse real-world financial statements, engage in group discussions, and complete simulations that mimic the complexities of IFRS application. Specific exercises will include preparing financial statements, evaluating compliance issues, and discussing the implications of IFRS adoption. Participants will also work on collaborative projects to develop IFRS-compliant reports and presentations, reinforcing their learning through practical application. The outputs will include IFRS-compliant financial statements and analytical reports, demonstrating participants' ability to apply the standards effectively in their professional roles, thereby enhancing their financial reporting skills and compliance knowledge.

Course objectives

What you'll take away.

By the end of this course, participants will be able to:

Analyse the key principles of IFRS and their impact on financial reporting.
Interpret specific IFRS standards relevant to various financial transactions and their implications.
Evaluate the implications of IFRS adoption on financial statements and disclosures for stakeholders.
Construct IFRS-compliant financial statements from provided data and scenarios.
Compare IFRS with local GAAP to identify key differences and challenges in application.
Assess the role of IFRS in enhancing transparency and comparability in financial reporting across jurisdictions.
Develop strategies for effective implementation of IFRS in organisational contexts.
Critique the effectiveness of financial reporting practices under IFRS in real-world applications.

Target audience

Who should attend.

This course is suitable for:

Financial accountants responsible for preparing financial statements under IFRS.
Auditors who need to evaluate compliance with IFRS in financial audits.
Finance managers involved in financial reporting and analysis.
Corporate controllers overseeing the financial reporting process.

Target competencies

Capabilities you will build.

Participants will develop competencies in:

Ability to interpret and apply IFRS standards in financial reporting contexts.
Skill in preparing IFRS-compliant financial statements accurately and efficiently.
Competence in evaluating the impact of IFRS on business decisions and financial outcomes.
Proficiency in comparing IFRS with local accounting standards to identify compliance issues.
Capability to analyse financial data for compliance and reporting accuracy under IFRS.
Adeptness in communicating IFRS-related concepts and implications to stakeholders effectively.

Course outline

Your learning journey.

A focused, practical outline with time to explore, apply and reflect.

Day 1Introduction to IFRS and Key Concepts

Applied activity: Participants will review a set of financial statements prepared under local GAAP and identify areas requiring adjustment for IFRS compliance. They will discuss their findings in groups, focusing on the implications of these adjustments for stakeholders and decision-making.

Output: A report detailing the necessary adjustments and their impact on the financial statements, including recommendations for compliance.

09:00–09:54Overview of IFRS and its significance in global finance and reporting practices.
09:54–10:48Understanding the conceptual framework of IFRS and its foundational principles.
10:48–11:00Key principles: relevance, reliability, comparability, and consistency in financial reporting.
11:00–11:30Coffee break
11:30–12:12Key principles: relevance, reliability, comparability, and consistency in financial reporting. (continued)
12:12–13:06The role of the International Accounting Standards Board (IASB) in standard-setting.
13:06–14:00Transitioning from local GAAP to IFRS: challenges and strategies for implementation.

Day 2Detailed Study of IFRS Standards

Applied activity: Participants will work in teams to prepare a revenue recognition analysis for a fictional company using IFRS 15. They will identify key contracts, determine revenue recognition points, and discuss the implications of their analysis for financial reporting.

Output: A comprehensive revenue recognition report detailing the analysis, conclusions, and recommendations for compliance.

09:00–09:54In-depth analysis of IFRS 1: First-time Adoption of IFRS and its requirements.
09:54–10:48Understanding IFRS 15: Revenue from Contracts with Customers and its recognition criteria.
10:48–11:00Exploring IFRS 16: Leases and its implications for lessees and lessors in financial reporting.
11:00–11:30Coffee break
11:30–12:12Exploring IFRS 16: Leases and its implications for lessees and lessors in financial reporting. (continued)
12:12–13:06Overview of IFRS 9: Financial Instruments, including classification and measurement.
13:06–14:00The importance of disclosures required by IFRS standards for transparency.

Day 3Financial Statement Preparation under IFRS

Applied activity: Using a case study, participants will prepare a complete set of financial statements for a fictional company, ensuring compliance with IFRS requirements. They will present their statements to the group for feedback and discussion on best practices.

Output: A set of IFRS-compliant financial statements including notes and disclosures, with a summary of key decisions made during preparation.

09:00–09:54Components of IFRS-compliant financial statements: balance sheet, income statement, cash flow statement, and equity statement.
09:54–10:48Guidelines for presenting financial statements under IFRS and the importance of format.
10:48–11:00Understanding notes and disclosures required by IFRS and their relevance to stakeholders.
11:00–11:30Coffee break
11:30–12:12Understanding notes and disclosures required by IFRS and their relevance to stakeholders. (continued)
12:12–13:06Practical considerations in preparing consolidated financial statements under IFRS.
13:06–14:00Common pitfalls in financial statement preparation and how to avoid them effectively.

Day 4IFRS in Practice: Challenges and Solutions

Applied activity: Participants will analyse a case study of a company that faced challenges during IFRS adoption. They will identify the issues encountered and propose solutions based on best practices discussed in the session, focusing on practical implementation strategies.

Output: A presentation outlining the identified challenges, proposed solutions for IFRS implementation, and recommendations for future compliance.

09:00–09:54Identifying common challenges in IFRS implementation within organisations and their impact.
09:54–10:48Strategies for overcoming IFRS-related issues in financial reporting and compliance.
10:48–11:00The role of technology in facilitating IFRS compliance and reporting accuracy.
11:00–11:30Coffee break
11:30–12:12The role of technology in facilitating IFRS compliance and reporting accuracy. (continued)
12:12–13:06Case studies of successful IFRS adoption in various industries and lessons learned.
13:06–14:00Best practices for ongoing IFRS training and updates to ensure compliance.

Day 5Integrated IFRS Application and Reporting

Applied activity: Participants will work in groups to create a comprehensive financial report for a fictional multinational company, integrating all aspects of IFRS learned throughout the course. They will present their findings and strategic recommendations for financial planning and compliance.

Output: A detailed financial report and presentation summarising the IFRS application, strategic recommendations, and compliance plan.

09:00–09:54Review of all IFRS standards covered in the course and their interrelationships.
09:54–10:48Integrating IFRS principles into strategic financial decision-making processes.
10:48–11:00Developing a framework for continuous IFRS compliance and monitoring.
11:00–11:30Coffee break
11:30–12:12Developing a framework for continuous IFRS compliance and monitoring. (continued)
12:12–13:06Preparing for future changes in IFRS standards and their potential impacts.
13:06–14:00Evaluating the impact of IFRS on financial performance and reporting within organisations.

The timings provided are estimates and may vary depending on the number of participants and the discussions taking place during the sessions. They are indicative only and do not constitute a binding commitment.

Dates & venues

Find a session that works for you.

Confirmed dates accept registration requests. Tentative dates are enquiry only.

Good to know

A few things to know.

How is the course delivered?

Our classroom programmes combine facilitated discussion, case studies, exercises and reflection. The precise format will be confirmed before enrolment.

Can you deliver this programme for our team?

Yes, you can enquire about a tailored programme. Share your goals, group size and preferred dates with our learning team.

Will I receive a certificate?

Participants who complete the programme receive a Smart Horizon UK certificate of attendance. Smart Horizon UK programmes are not externally accredited and do not award a professional qualification, licence or designation. Where a course title or outline refers to a professional certification (for example, AACE International's Certified Cost Professional), the programme supports learning and preparation only; the credential itself is awarded solely by the relevant professional body under its own application and examination requirements.

What should I confirm before booking travel?

Please confirm the session, exact venue, accessibility arrangements, fees and any visa requirements with the team before arranging travel. Tentative dates are not confirmed sessions.

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